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Beresford SD | Any strategies for reducing income tax liability if you are aggressively paying down land debt or do you just suck it up and pay the income tax? We run the farm as S Corp so all income flows through the corporation to individuals. Corporation rents land from me and other landlords. I could utilize accelerated depreciation more(now maximum of 50%) going forward. We do not buy equipment for tax reasons but as needed or when technology is only available as new. When we do depreciate equipment fully at the time we sell it we usually have considerable value left when we do sell it and those dollars are all the taxable. | |
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Tax strategies ???
